American Airlines made $1.3 billion in the second quarter as travel booms and fuel prices drop #American #Airlines #billion #quarter #travel #booms #fuel #prices #drop

DALLAS (AP) — American Airlines is reporting a $1.34 billion profit for the second quarter, boosted by strong ticket sales and a huge drop in the price of jet fuel, and the airline raised its profit expectations for the year.

Revenue rose 5% to a quarterly record of $14.06 billion. International travel in particular is picking up, and that is helping American, United Airlines and Delta Air Lines.

Thanks to lower fuel prices, the carrier’s spending at the pump plunged 32%, saving the American about $1.3 billion compared with a year earlier.

Destination signs to North Korea's capital Pyongyang and the United States are seen at the Imjingak Pavilion in Paju, South Korea, near the border with North Korea, Thursday, July 20, 2023. North Korea wasn't responding Thursday to U.S. attempts to discuss the American soldier who bolted across the heavily armed border and whose prospects for a quick release are unclear at a time of high military tensions and inactive communication channels. (AP Photo/Ahn Young-joon)

The United States and reclusive North Korea have no diplomatic ties — but they still have ways to reach each other.

Police arrest a protester during clashes in the Mathare area of Nairobi, Kenya Wednesday, July 19, 2023. Kenyans were back protesting on the streets of the capital Wednesday against newly imposed taxes and the increased cost of living. (AP Photo/Brian Inganga)

Police in Kenya say they have been ordered not to report deaths amid demonstrations against the rising cost of living.

Head coach Alen Stajcic and Philippines Defender Hali Long speak at the press conference before the Philippines soccer match against Switzerland at the Women's World Cup in Dunedin, New Zealand, Thursday, July 20, 2023. For a nation more than 7,000 miles from the United States, the Philippines boasts a women's national soccer team with a decidedly American feel. Of the 23 names on its Women's World Cup roster, 18 belong to U.S.-born women. (AP Photo/Matthew Gelhard)

For a nation more than 7,000 miles from the United States, the Philippines boasts a women’s national soccer team with a decidedly American feel.

Comparison coins are presented during a press conference held by the Bavarian State Criminal Police Office and the Munich Public Prosecutor's Office on the arrests in the Manching gold treasure theft case in Munich, Germany, Thursday July 20, 2023. Investigators looking into the theft of hundreds of ancient gold coins from a German museum have found lumps of gold that appear to result from part of the treasure being melted down, but still hold out hope of finding the rest intact, officials said Thursday. (Uwe Lein/dpa via AP)

Investigators looking into the theft of hundreds of ancient gold coins from a German museum have found lumps of gold that appear to have resulted from part of the treasure being melted down, but still hold out hope of finding the rest intact.

American now expects to earn between $3 and $3.75 per share for the year. Analysts have been projecting $3.12, according to a FactSet survey.

For the second quarter, excluding one-time items, American earned $1.92 per share, beating the analyst consensus of $1.59 per share. Revenue also beat Wall Street’s forecast of $13.74 billion.

CEO Robert Isom called it a “fantastic quarter” for Fort Worth, Texas-based American, and said the airline will focus on profitability and improving its balance sheet, which saw an expansion of debt during the pandemic.

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